AuKing Mining Ltd (ASX:AKN) has received further broad high-grade assay results from the three final holes – AORD005, AORD006 and AORD007 – of a drilling program conducted at Onedin deposit of the Koongie Park Project late last year.
These latest assays provide very strong confirmation of high-grade copper, zinc, silver, molybdenum and other mineralisation across the known mineralised zone at Onedin.
The diamond drill holes at the Onedin deposit covered a total of 1,433 metres, with a maximum depth of 243 metres.
Multi-metal results
The drill holes returned multi-metal results, including molybdenum which, with its high melting point, has a range of applications in alloys.
Assay results for the three holes are:
- AORD005 - 66 metres at 1.67% copper, 17.57% zinc, 4.03% lead, 95 g/t silver, 0.36 g/t gold and 1,718 parts per million (ppm) molybdenum from 77 metres including 8.7 metres at 3.28% copper, 22.71% zinc, 8.01% lead, 190 g/t silver and 3776ppm molybdenum from 119 metres and 5 metres at 2.70% copper, 22.79% zinc, 12.78% lead, 332 g/t silver and 0.85 g/t gold from 135.5 metres;
- AORD006 - 82 metres at 0.46% copper, 4.45% zinc, 1.26% lead, 33 g/t silver and 409ppm molybdenum from 98 metres including 21 metres at 0.75% copper, 12.99% zinc, 3.97% lead, 85 g/t silver and 1,356ppm molybdenum from 148 metres and 11 metres at 1.16% copper, 14.80% zinc, 5.99% lead and 122 g/t silver from 162 metres; and
- AORD007 - 60 metres at 1.04% copper, 4.80% zinc, 0.89% lead and 35 g/t silver from 92 metres including 16 metres at 1.23% copper, 16.40% zinc, 3.03% lead and 101 g/t silver from 136 metres, 34 metres at 1.50% copper, 7.94% zinc, 1.55% lead and 61 g/t silver from 117 metres and 23 metres at 0.88% copper, 12.74% zinc, 2.15% lead and 71 g/t silver from 135 metres.
Pertinent features of the assay results from the three holes include:
- More wide zones of high-grade near-surface copper, zinc and silver across all three holes, despite the holes being set back from previous holes and intersecting the high-grade zones at greater depth;
- Confirmation of significant mineralisation across the known Onedin deposit extending from the south-west of drill holes AORD004, AOWB003 and AORC004, which previously reported substantial intersections; and
- Further evidence of significant molybdenum mineralisation throughout the Onedin deposit.
These results complement mineralisation to the south of drill hole AORD004, which returned results of 105.3 metres at 1.94% copper, 0.76% zinc, 0.70% lead, 55 g/t silver and 106ppm molybdenum from 46 metres, reported in late February.
"Significant mining opportunity"
AKN CEO Paul Williams said: “We have now reported a full set of exceptional results from the drilling undertaken at Onedin late last year.
“The results from these final three holes highlight the continuity of high-grade copper, zinc, lead, silver and molybdenum across the Onedin deposit.
“If we establish economic recoveries from the metallurgical test-work program, Onedin is well on the way to becoming a significant mining development opportunity.”
Metallurgical test-work
Once the company has received and reported results from the seven Onedin drill holes, the drill core samples will be formed into composite samples for the purposes of a metallurgical test-work program.
Stage 1 of this program will be conducted in conjunction with Perth-based Simulus Laboratories and involves demonstration of economic metal recoveries; comparison with conventional process treatments; optimisation of reagent usage and doses; initial processing kinetics; and likely product options.
The program will take approximately 6-8 weeks to complete, allowing AKN to report results from the Stage 1 program in April 2022.
About Koongie Park
The Koongie Park Project is in north-eastern Western Australia, in the highly mineralised Halls Creek region.
It consists of 15 licences – including two mining, eight exploration and five prospecting – covering an area of more than 500 square kilometres. The asset has existing JORC 2012 resources of 6.8 million tonnes at 1.3% copper, 4.1% zinc, 0.3 g/t gold and 26 g/t silver.
It remains significantly under explored at depth and along strike and highly prospective for further VMS base metal mineralisation discoveries in the tenement package, and Auking has pinpointed multiple drill targets to expand on existing known resources at both the Sandiego and Onedin deposits, which remain open at depth and to the south.
Koongie Park earn-in
In February last year, AKN entered into an earn-in and joint venture agreement with Anglo Australian Resources NL (ASX:AAR) providing AKN with the right to earn up to a 75% interest in the Koongie Park project by completing exploration expenditure of $3 million over a three-year period.
AKN has since completed these earn-in expenditure commitments and currently holds a 75% interest in the joint venture.